What Can I Do with an Inherited Property in Chicago IL?

by May 19, 2022

So you’ve inherited some property in Chicago, IL and now you don’t know what to do with it. If you’ve gotten your Chicago property in probate, don’t worry, we know what to do, and we are here to help. Here at Onyx Homes LLC, we’ll take you through the entire process of a probate sale and tell you exactly what you can do to sell your inherited home in Chicago.

Usually, when you get a property in probate, it typically means there was a death in the family.  If you’ve inherited a home in probate, it’s possible that your spouse, parent, or relative died without a will, so now you’ve been chosen as the executor of the state.

If this unfortunate incident has happened to you, don’t worry. We’ll help you navigate this confusing process so you’ll have more time to process your grief instead of worrying about selling your probate house. In this article, you’ll learn about the processes involving inherited homes for sale in Chicago and what you need to do to sell your home. 

How Does a Probate Sale in Chicago, IL Work?

The process of a probate sale varies from state to state, but what usually happens is a court will appoint an executor in the absence of a will. The court will follow Illinois state laws and seek the closest blood relative of the deceased individual and appoint them as the executor fo the estate. 

This executor is charged with settling the estate and guiding it through probate. Part of this process involves identifying legitimate creditors of the deceased. The executor will then be charged with selling estate property if it must be liquidated to pay these creditors. The court will typically order an appraisal to set a listing price. To help with the selling process, the administrator will typically hire a real estate agent to list, market, and sell the property.

There are also two kinds of probate sales, namely: auction and offer-based probate sales. An auction type of probate sale occurs on the property, although the sale would still be subject to court confirmation and can be overbid in court. On the other hand, an offer-based probate sale is more of your regular MLS-style listing. An interested buyer usually makes an offer. Once the offer is accepted, it is still subject to court confirmation and can be overbid in court.

If you’ve been appointed as your probate home’s administrator, you would have to go through a long and arduous process of handling inheritance disagreements, sorting through your deceased loved one’s personal finances, reviewing the property’s insurance policy (if any), sorting out taxes, dispensing other personal property of the deceased, preparing the house for sale, and setting the list price of the property before finally selling it. 

Tips for Selling Your Probate Home

  • Hire a probate real estate agent: The probate process can be remarkably complex, and it takes an experienced real estate broker to navigate it successfully. If you’re working on a budget, however, it’s also possible to sell the probate property yourself.
  • Be knowledgeable about the law: Every state has unique probate laws, and Illinois is no exception. It’s important to study up on your local probate regulations or to hire a probate real estate agent with an intimate knowledge of them.
  • Learn legal jargon about probate: While having an experienced broker is vital, it also helps to be familiar with common probate real estate terms and the process in general. 

However, if you’d rather do away with the long and arduous process of preparing your probate home for sale, you can simply decide to sell it to a direct home buyer like Onyx Homes LLC. We buy houses in Chicago, IL regardless of its status or condition.

READY TO SELL YOUR HOME?

If you’re looking for quick ways to sell your extra property fast for cash, you should consider selling to a professional home buyer in Chicago, IL. Who has the time to sell your property the old-fashioned way when you’re looking to make a quick buck? We understand the urgency, and we’re here to help.

Here at Onyx Homes LLC, we are experienced cash home buyers in Chicago, IL. We will provide you with the best offer for your home and deliver a quick and painless close to the buying process. If you don’t want to go through the hassle of listing your home and working with a real estate agent, going through the motions of a regular sale, you can always opt to just sell your home to us! We’ll take care of the rest.

Our goal at Onyx Homes LLC is to improve the overall quality of housing for the residents of Chicago, IL. We buy houses in just about any condition and situation, including foreclosure, late mortgage payments, or fair market value. You can either take a step forward into your new life by accepting our fair cash offer, or take your chances with the long arduous process of traditional home selling. For more information about our home buying process, give us a call at (847) 262-9012 today.

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